WATERTOWN, Mass., Oct. 6 /PRNewswire-FirstCall/ -- Panacos Pharmaceuticals, Inc. (NASDAQ:PANC) ("Panacos" or "the Company"), a biotechnology company dedicated to developing the next generation of antiviral therapeutic products, today announced the pricing of its public offering of 8,250,000 shares of its common stock at a price of $10.50 per share. The gross proceeds, before discounts, commissions and expenses, of the public offering will be $86,625,000. Panacos has also granted the underwriters of the offering a 30-day over-allotment option to purchase an additional 1,237,500 shares of common stock. All of the shares are being sold by Panacos pursuant to its two shelf registration statements previously filed with the Securities and Exchange Commission. The offering is expected to close on October 12, 2005.
SG Cowen & Co., LLC and Bear, Stearns & Co. Inc. are acting as joint book runners for the offering. Acting as co-managers for the offering are Needham & Company, LLC and Leerink Swann & Company.
These securities may not be sold nor may offers to buy be accepted prior to the time that the prospectus supplement is final. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Any offer of shares of common stock may be made only by means of a prospectus, including a prospectus supplement, forming a part of the Company's effective registration statements.
Copies of the final prospectus supplement and accompanying prospectuses may be obtained from SG Cowen & Co., LLC, Prospectus Department at ADP, 1155 Long Island, Edgewood, New York 11717 (Telephone number 631-254-7106), Bear, Stearns & Co. Inc., 383 Madison Avenue, New York, NY 10167 (Telephone number 631-274-8321), Needham & Company, LLC, 445 Park Avenue, New York, New York 10022 (Telephone number 212-371-8300), and Leerink Swann & Company, One Federal St., Boston, MA 02110 (Telephone number 617-918-4814).
About Panacos Panacos is developing the next generation of anti-infective products through discovery and development of small molecule oral drugs for the treatment of HIV and other major human viral diseases. Panacos' proprietary discovery technologies and lead therapeutic candidate PA-457 focus on novel targets in the virus life cycle, including virus maturation and virus fusion.
Except for the historical information contained herein, the statements made herein are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties set forth in the Company's filings with the Securities and Exchange Commission. These risks and uncertainties could cause actual results to differ materially from any forward-looking statements made herein.
CONTACT: Jill Smith
Director, Corporate Communications
240-631-1395
Peyton Marshall
Executive Vice President & CFO
617-926-1551
DATASOURCE: Panacos Pharmaceuticals, Inc.
CONTACT: Jill Smith, Director, Corporate Communications, +1-240-631-1395, , or Peyton Marshall, Executive Vice President & CFO, +1-617-926-1551, , both of Panacos Pharmaceuticals, Inc.
Web site: http://www.panacos.com/
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